Money & Banking

Syndicate Bank staff ‘thrilled’ to operate battle casualties fund

Vinson Kurian Thiruvananthapuram | Updated on January 16, 2018 Published on October 03, 2016

There has been a groundswell of sentiments across the nation towards the contribution of the Army

Honoured to be chosen to manage an account designed for such a noble purpose, says bank official

The staff at Syndicate Bank are ‘thrilled’ that their bank has been chosen to maintain and operate an account named ‘Army Welfare Fund Battle Casualties’.

Donations received in the fund will be utilised to provide financial assistance/grant to widows, next of kin or dependants of Army personnel who have lost their lives in battle.

Special relevance

This ‘fits well’ with the current security environment but sits lightly on contributors since they are expected to spare no more than ₹1 per day, amounting to ₹365 per year, sources said.

KS Bhat, All-India Vice-President, Syndicate Bank Staff Association, said that the staff are proud that they get to manage the account designed for such a noble purpose.

“Syndicate Bank is also the right choice since it has been a pioneer of a thrift deposit scheme called Pigmy Deposit introduced 80 years ago to inculcate the habit of savings among the public.”

The bank used to send its agents to the doorsteps of depositors to collect four annas (25 paise), Bhat said.

It had become so popular that many banks would later mimic it under different appellations.

Account details

“In a way, Syndicate Bank deserves the honour of receiving donations under the new Army welfare scheme,” he added, and requested the bank’s management to popularise it.

If 100 crore of the country’s population were to contribute to the fund, it could mop up ₹100 crore per day, ₹3,000 crore per month and ₹36,000 crore per year.

The Army Welfare Fund Battle Casualties account has been opened at Syndicate Bank’s Defence Headquarters Branch, South Block, New Delhi.

The IFSC Code is SYNB0009055 and the account number 90552010165915.

A statement of the Adjutant General’s Branch, Army Welfare Fund Battle Casualties, dated June 23, 2016, explained the specific circumstances leading to the setting up of the account.

It said that ‘post the Siachen tragedy in which 10 Army men lost their lives due to an avalanche, there has been a groundswell of sentiments across the nation towards the contribution of the Army.’

There was also perceived desire of spirited citizens wanting to contribute financially for the welfare of the next of kin of battle casualties.

The issue was debated upon in consultation with the Ministry of Defence, leading to opening of the account ‘to provide financial assistance to next of kin/widows/dependants of battle casualties.’

Published on October 03, 2016
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